JamL

To confirm though, if my mother continues to live in the property with her 50% share, would her gift be considered to be without reservation as both my brother and I would be staying with her? I would like clarity on the IHT implications o this situation. Thanks.

Hi, My father recently passed away and my mother is due to inherit the primary residence. My mother, brother and I all live in the same house and are planning to stay in the same house for some time. If my mother decides to gift 25% of the property each to my brother and I straight away, and she remains 50% share holder, is that considered a gift with reservation if everyone continues to stay in the house? Or is the fact that the property remains primary residence to everyone it is therefore deemed a normal gift? If it considered a normal gift, what are the implications under current tax law if my brother or I decide to leave the residence?